Question: Should I Get A 72 Month Car Loan?

Is a 72 month auto loan bad?

A 72-month car loan can make sense in some cases, but it typically only applies if you have good credit.

When you have bad credit, a 72-month auto loan can sound appealing due to the lower monthly payment, but, in reality, you’re probably going to pay more than you bargained for.

Should I do a 72 month car loan?

Auto loans over 60 months are not the best way to finance a car because, for one thing, they carry higher car loan interest rates. Experian reveals that 42.1% of used-car shoppers are taking 61- to 72-month loans while 20% go even longer, financing between 73 and 84 months.

What is a good interest rate for a 72 month car loan?

Average Interest Rates by Term Length

Auto Loan TermAverage Interest Rate
36 Month4.21%
48 Month4.31%
60 Month4.37%
72 Month4.45%

How old of a car can I finance for 72 months?

But if you need to finance a vehicle for six or seven years – 72 to 84 months (or more) – there’s a good chance you really can’t afford it, based on research by the Consumer Financial Protection Bureau (CFPB), even though vehicles generally are lasting longer than ever before.